|Brief||IDAX is a very well-known digital currency exchange based in Mongolia. However, despite this, it seems to be mostly focused on the Chinese market, which...|
|Last updated:||Tuesday, June 2, 2020 3:00:03AM UTC|
|Volume 24 hours, USD:||0|
General IDAX facts, technical details and general information about IDAX exchange
IDAX is a very well-known digital currency exchange based in Mongolia. However, despite this, it seems to be mostly focused on the Chinese market, which can be deduced by the fact that it is mainly available in Chinese. The exchange offers quite a few digital assets available for trading. Unfortunately, it does not work with fiat currencies, meaning that it cannot be used as an entry-level exchange.
Another thing that IDAX does not have is leveraged trading, so risk-takers will have to seek out another solution if they plan to try their luck and test their trading skills in this area.
As mentioned, IDAX offers multiple cryptocurrencies, including Bitcoin, Ethereum, EOS, Bytom, OmiseGo, Loopring, Status, Aeternity, Odyssey, Storj, Dentacoin, and more. New coins are being added fairly often, so the chances are that you might find some of the altcoins that you are looking for.
The exchange's trading fees are pretty average, sitting at 0.2% per trade, which is what most other exchanges offer. There are some examples of exchanges with lower trading fees than that, but IDAX is, obviously, not one of them.
However, it does provide a user-friendly and functional web-based platform that should not give anyone too much trouble. It offers some basic trading tools, such as charts, Market Depth window, and alike. However, most of its trading is done only against BTC and ETH. Meanwhile, not working with fiat currencies is taken as one of its greatest disadvantages.
Still, the exchange sticks by its decision not to include traditional currencies. It is a digital asset exchange, and it deals in digital assets only. This means that cryptocurrencies, coins, and tokens are perfectly acceptable when it comes to trading against each other. However, deposits and withdrawals in dollars, euros, and alike are not possible. While not too much of a disadvantage, it might still be annoying to some users.
Another disadvantage that we have already briefly mentioned is IDAX's lack of trading with leverage. There is no margin trading on this exchange, which might be seen as a more serious lack, especially considering that a lot of other exchanges have accepted that this is what traders want, and so they added it to their list of offered services.
The exchange is also not particularly clear when it comes to deposit and withdrawal fees. At least, this information doesn't seem to be clearly displayed for interested traders and investors to find with ease. Most exchanges do not charge deposit fees at all, so that traders would choose to come to their platform and use their service. However, most exchanges do have withdrawal fees, which you must pay to cash out. When IDAX, it remains unclear what fees there are and how much will it cost you to deposit/withdrawal your funds.
Finally, this is not an exchange on which you can trade anonymously. Instead, you ave to verify your trading account, which is nothing new and unusual these days, but it should be pointed out.
Benefits of using IDAX exchange:
While IDAX does seem to have several beneficial aspects to it, the list of cons might be a bit longer than the pros. The exchange does not work with traditional currencies, nor does it offer leverage. It is not clear on its withdrawal and deposit fees, and it requires account verification. While none of these things are necessarily a deal-breaker on their own, they do pile up into a group of unwanted factors that might result in the investors and traders simply turning away. After all, there are a lot of exchanges out there that feature all of IDAX's positives, and none (or only one or two) of the negatives.
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